Reliance New Energy Solar Ltd. (RNESL) , a wholly owned subsidiary of Reliance Industries Ltd. has to acquire a British battery enterprise Faradion Limited. Faradion Ltd. manufactures sodium ion batteries.
For this acquisition, RNESL is going to pay 100 Million Pounds as purchase consideration to Faradion Ltd. Faradion Ltd. is one of the leading global battery manufacturer. Its sodium ion battery technology is patented. RNESL will use this technology at the proposed Dhirubhai Ambani Green Energy Giga Complex project at Jamnagar, India.
In another development, RNESL will get 2.93 Cr shares of Sterling and Wilson at Rs. 375 apiece, amounting to a total of Rs. 1099 Cr. With this acquisition, RNESL’s stake in Sterling & Wilson raises to 5.46 percent of the total paid-up equity share capital of the latter.
Amid positive trade across the index, RIL is also trading in green.